Storing bitcoin

[mervyn]

I was so close to losing my crypto on the FTX exchange but I literally got it out at the last second. But that was enough of a lesson for me to learn that self-custody is the way to go. I'm currently using a wallet called Exodus which is at https://www.exodus.com

Yes but how do you so sure this wallet won’t crack. I use brokers wallet if I ever want to trade coins.

 

[johnarb]

Yes but how do you so sure this wallet won’t crack. I use brokers wallet if I ever want to trade coins.

Bitcoin is a bearer asset that you control using the private keys

If you're using the broker's wallet, they own the private keys and the bitcoins, what you have is an IOU from the broker

You do not own any bitcoins

 

[traderjo]

Exactly. All of these reasons are why the returns have been over 100% a year historically for bitcoin, nothing is free!

Yes great tool for speculation 100% + 100- that is market risk fine those who cna handle it take part
but the unwanted risk of tinpot country based "Exchanges" running away with your COINS LOL

 

[mervyn]

Bitcoin is a bearer asset that you control using the private keys

If you're using the broker's wallet, they own the private keys and the bitcoins, what you have is an IOU from the broker

You do not own any bitcoins

that's the point if bitcoin wants to be legit tender or an asset class, dot gov needs to have the ability to track and trace, otherwise it won't be adapted.

 

[johnarb]

that's the point if bitcoin wants to be legit tender or an asset class, dot gov needs to have the ability to track and trace, otherwise it won't be adapted.

Bitcoin does not want anything, it's only an open source software

 

[mervyn]

Bitcoin does not want anything, it's only an open source software

it has monetary value, hasn't it,

 

[johnarb]

it has monetary value, hasn't it,

Yes, bitcoin has monetary value determined by the global markets supply and demand

Can you explain how is that related to the points and logic of your previous 2 posts?

 

[mervyn]

Yes, bitcoin has monetary value determined by the global markets supply and demand

Can you explain how is that related to the points and logic of your previous 2 posts?

if it has money value, not charitable givings, then it will be regulated by the governments, current framework has to involve a custodian of sorts.

 

[johnarb]

current framework has to involve a custodian of sorts.

No, it doesn't. True bitcoiners hold the private keys and do not rely on a custodian of sort

 

[Baron]

if it has money value, not charitable givings, then it will be regulated by the governments, current framework has to involve a custodian of sorts.

You're trying to apply the logic of a legacy monetary framework to a completely different asset class that has no use whatsoever for a centralized custodian.